Are the Cedar Finance Complaints Legit?

Four months ago, I decided to enter the binary options trading arena and I understood that I needed to partner with a binary options broker in order to get access to an online trading platform. So before I signed up with a broker, I decided to do my homework and I found many reviews on Cedar Finance that claimed that this broker is a scam. I have never been one to simply follow other people’s opinions so I decided to check if the Cedar Finance complaints are legit or not and what better place to start than with the broker itself.

Cedar Finance Website

From the moment I entered the Cedar Finance website, I could not help but be impressed by the layout and look of their site. I immediately noticed that the site is available in a selection of languages including English, German, French, Italian, Russian and Japanese. This clearly indicates that this broker caters for a wide range of traders worldwide. I also noticed that from the homepage of the site, that you can access all the features and tools needed to trade binary options online such as opening an account, details of their different trading accounts, trading guides, market reviews, live chat, trading academy and more. To answer the question if Cedar Finance is legit, I noticed an ‘Awards’ tab on the homepage and this helped to put my mind at ease since this broker has been recognized and awarded the Best Customer Service award, the Best Quality Customer Support (2012) award, the Platform of the Year (2012) award, the Customer’s Choice award (2012) as well as the Most Secure Platform of the Year (2012) award.

Clearly, if Cedar Finance is a scam, then how did they get so many awards? While I understand that this doesn’t prove anything, I decided to explore further and to open an account with this broker.

Opening An Account with Cedar Finance

From the homepage of the broker’s website, you can sign up for a free trading account with Cedar Finance. You simply need to complete a short registration form which requires your email address, full name, location and contact telephone number and once you submit this information, you are redirected to information on the different account types available with the broker. There are six different account types each with their own conditions and benefits as follows:

Starter Account

This account type requires a minimum initial deposit of 200 to 499 USD/ GBP/ EUR. In return, Cedar Finance will give you a 30% welcome bonus. Other features include a PDF trading guide, access to breaking financial news, video tutorials and 24/7 support.

Bronze Account

This trading account type is highly recommended and it requires a minimum initial deposit of 500 to 999 USD/ GBP/ EUR. In return, Cedar Finance will give you a 50% welcome bonus and other features include access to breaking financial news, video tutorials, 24/7 customer support, three calls from a personal market analyst, one trading strategy as well as one risk-free trade, 14 days of trading signals via email as well as a Zoom magazine. I was very impressed with these added extras because strategies, signals and risk-free trades can definitely help to increase your trading success.

Silver Account

If you make an initial deposit of 1,000 to 4,999 USD/ GBP/ EUR, you will be eligible for a Silver Account. The added extras include a 75% welcome bonus, access to breaking financial news, 24/7 customer support, video tutorials, five calls from a personal market analyst, two trading strategies and three risk-free trades, a month of trading signals via email as well as 14 days of SMS alerts, expedited withdrawals as well as a two month subscription to Zoom magazine.

Gold Account

This account is definitely for the pro trader and requires a minimum deposit of 5,000 to 9,999 USD/ GBP/ EUR. In return, the Cedar Finance broker will give you a 100% welcome bonus, as well as access to breaking financial news, 24/7 support, video tutorials and weekly training with a personal market analyst. Other perks include customized trading strategies, five risk-free trades, three months of trading signals via email as well as one month of SMS trading alerts. Added features include a three month subscription to Zoom magazine, trading academy membership and materials as well as live NFP analysis.

Platinum Account

If you have the big bucks then the Platinum Account is for you and it requires a minimum deposit of 10,000 USD/ GBP/ EUR and in return, Cedar Finance will fully customize a trading account that meets your individual trading needs.

Islamic Trading Accounts

Cedar Finance also caters for Islamic traders and this account is designed especially for Muslim clients. These accounts are customized to fall in line with the principles of Islamic law with regards to banking activity and interest or Riba. Also, Islamic client funds are not qualified to trade on margin or to use leverage. Other key benefits include 24/7 support, shariah- approved investing, no interest or swap charges on positions held overnight, the flexibility to open positions at any time, access to all trading account types as well as free and instant access to trading online.

Since I was new to binary options trading, I opted for the Starter Account and made a deposit of $200 using my credit card. At this stage I noticed that Cedar Finance uses the internationally accepted security Secure Sockets Layer (SSL) system that encrypts all credit card payments over the web so I was impressed to see that my credit card details were secure. Once I had made my deposit, I immediately gained access to my trading account and also received a welcome email confirming my registration. I was also given access to download the Cedar Finance eBook as well as to join their webinars for free. I did notice that Cedar Finance does not offer a demo account which would enable me to practice trading within a real trading environment without the risk of losing any money. Despite this, the broker does provide a vast selection of tools that teach you how to trade online which will definitely assist a novice trader.

So far this Cedar review has made it quite clear that there are no complaints regarding this broker so let’s move on now to the trading interface.

Trading Interface

Once I had signed into my trading account, I was able to access the trading platform with ease. That is, since the trading platform is 100% web-based, I did not need to download any software in order to trade. Cedar Finance offers a selection of trade options including digital, Touch, Range and Turbo. The Digital trade option is the same as standard binary options trading where you simply need to predict if the price of the asset will move up or down by the expiry of the trade whereas the Touch options require you to also predict if the price of the asset will ‘touch’ or reach a target rate during the life of the trade. The Turbo trade option enables you to trade with expiry times of 60 seconds, 120 seconds and 300 seconds while the Range trade option is very similar to the Touch options except you need to predict a price range that the price of the asset will reach by the expiry of the trade. You can also obtain detailed information on how to trade each of these options on the website. A full list of all the assets you can trade in is also available on the trading platform, or you can click on the Asset Index tab on the website to get detailed information on the assets. Cedar Finance offers 22 indices such as FTSE 100 and Nasdaq, 11 commodities such as corn and platinum, 108 stocks such as Apple and Boeing as well as 13 currency pairs such as USD/RUB and GBP/USD. You can also get detailed information on each asset on the website including the trading symbol of the asset as well as the trading hours.

With the wide selection of trade options as well as a good choice of assets to trade in, let’s review the banking options that Cedar Finance offers.

Banking

A core component of trading online is being able to deposit and withdraw funds from your trading account with ease. Cedar Finance offers a vast selection of banking methods which include credit card, Skrill, wire transfer and iDEAL. On their website, they also provide detailed information on each deposit method such as the funding time, the payout duration as well as the minimum deposit and minimum payout. I liked the fact that this information is provided so that there are no surprises when it comes to depositing funds or requesting a withdrawal.

When you read the terms and conditions, it also clearly states that Cedar Finance does not charge for credit card withdrawals but that a wire transfer of less than $500 will be charged with a $25 fee. The minimal withdrawal amount is $200 and once your request is approved, the broker will take up to three business days to process your request. After trading for a few weeks, I decided to give the withdrawal process a try and from the comfort of my trading account, I was able to request a withdrawal. I was immediately contacted by a representative of the broker who requested identification documents such as a copy of my ID book, a copy of a utility bill and a copy of my credit card and I liked the fact that the broker took extra steps to protect my funds and to verify my details. Within 4 business days, the money I withdrew was credited to my credit card so I have no complaints with Cedar Finance and their banking options and processes.

Let’s move on now to the rate of return.

Rate of Return and Bonuses

Let’s be honest. When you trade, you want to make money and Cedar Finance makes this possible by offering up to 81% return on trades that end successfully or in-the-money. The broker also offers up to 10% return on trades that are unsuccessful or out-of-the-money. On the Touch trade options, the rate of return can be as high as 600%. With reference to a welcome bonus, we covered this when we reviewed the account types and these bonuses range from 30% to 100% of the initial deposit amount. It is important to remember that there are strict terms and conditions which apply to these bonuses and you will need to trade the initial deposit and the bonus 30 times before you can withdraw any funds so make sure to check the terms carefully. Always remember that you do not need to accept the bonus.

When I explored the Cedar Finance website, I noticed that they do not offer a refer-a-friend program so you cannot make any money or receive a bonus for referring a friend to this broker. Despite this, I have not found any indication that Cedar Finance is a scam and in fact, I have been quite impressed with their service and features. Let’s move on now to explore the education trading tools offered by this broker.

Educational Trading Tools

One of the most impressive features and services offered by Cedar Finance are the educational trading tools they provide their customers. This broker offers a full section on market news that provides daily, weekly and monthly market news as well as main economic events. They also provide detailed asset analysis as well as a full article section which offers a vast selection of articles covering a wide variety of topics. Another impressive feature is their ‘How To’ section which provides articles for example on how to become a successful trader, or how to find the right binary options broker. Having access to this type of information can boost your trading success. But there is more.

Cedar Finance also provides detailed information on how to trade each trade option as well as the advantages of trading binary options. They also have a comprehensive glossary and FAQ section which provides information on trading, making a deposit or withdrawal, how to open an account as well as information on the broker’s customer support and trading platform. With such a wealth of data, it is clearly evident why a Cedar Finance demo account is not necessary.

Cedar Finance has more to offer their customers though and they provide a full Trading Academy. Here you can gain access to their training videos which cover important topics such as an introduction to binary options, psychological aspects of trading, financial management, market analysis and more. The broker also offers free webinars which are run by trading specialists. There is a full schedule of these webinars available on the site and you simply need to register in order to join. These webinars are also divided into three types based on your trading experience namely, junior, senior and master. Cedar Finance also offers a Trader’s Course and you can select from four different options including binary options, market analysis, Pro and options strategies.

With such a comprehensive selection of trading tools and educational services, it is hard to question if this broker is legit or a scam. It is very clear to me that Cedar Finance has gone the extra mile to provide its traders with a wealth of educational trading tools. I now turn my attention to the customer support.

Customer Support

As a new trader, it is very important for me to be able to contact the broker with ease and Cedar Finance offers a selection of contact methods. These include email and telephone. The broker provides 14 contact numbers globally such as in Cyprus, Australia, Argentina, Canada, Spain and more. They also have a system on their site that enables you to type a question and you get an immediate text response and if you want to speak to a representative, you can use the Live Chat feature. I used the Live Chat feature and was attended to immediately and the support agent was friendly and professional.

Four months ago, I decided to enter the binary options trading arena and I understood that I needed to partner with a binary options broker in order to get access to an online trading platform. So before I signed up with a broker, I decided to do my homework and I found many reviews on …

Review Overview

Ease of Use - Wide selection of trading tools and superior features - 98%

Customer Support - Live Chat, Email, and Telephone - 100%

91%

Summary : In a nutshell, Cedar Finance is the real deal and I have no complaints regarding this broker. I have put together a table below of the different features offered as well as my evaluation score of each of these. I have been trading with this broker for over four months now and this Cedar Finance review should make it quite clear that the broker is legit and professional.

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Review Overview

Are the Cedar Finance Complaints Legit?

Four months ago, I decided to enter the binary options trading arena and I understood that I needed to partner with a binary options broker in order to get access to an online trading platform. So before I signed up with a broker, I decided to do my homework and I found many reviews on …

Review Overview

Ease of Use - Wide selection of trading tools and superior features - 98%

Customer Support - Live Chat, Email, and Telephone - 100%

91%

Summary : In a nutshell, Cedar Finance is the real deal and I have no complaints regarding this broker. I have put together a table below of the different features offered as well as my evaluation score of each of these. I have been trading with this broker for over four months now and this Cedar Finance review should make it quite clear that the broker is legit and professional.